Dubai-based crypto investment fund FD7 Ventures has opened its first India office in Bengaluru and launched a $250 million micro-fund to invest in altcoin projects such as Polkadot (DOT) and Cardano (ADA).
FD7 aims to invest approximately $1-5 million across 50 companies yearly with the new fund, the company said in a statement.
Roughly 30% of Polkadot and Cardano ecosystem-based companies would receive secondary investments in the range of $5-20 million, depending on their growth metrics, it added.
“Positioning our new location where we have in Bangalore gives us a home field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development,” said Prakash Chand, global managing director at FD7 Ventures.
The India-focused fund will be led by Neeraj Singh.
Last week, FD7 announced its plans to unload $750 million worth of its Bitcoin holdings over the course of next 30 days to increase the company’s positions in Cardano and Polkadot. The company said, at the time, that the move will better serve the needs of its investors who are looking to diversify their portfolios in the growing cryptocurrency space.
FD7 claims to have $1 billion in Bitcoin under management. With offices in Toronto, Canada and Dubai, UAE, the fund makes investments in all stages of crypto and blockchain projects.
Last month, Twitter CEO Jack Dorsey and rapper Shawn Corey Carter, popularly known as Jay-Z, announcing setting up ₿Trust, an endowment to fund bitcoin development initially in India and Africa. Dorsey said the two are planning to give 500 BTC to a new endowment to fund the development of Bitcoin in India and Africa.
India-based cryptocurrency startups CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay and PocketBits recently signed up for an online petition to educate and build awareness amongst policy makers and the public about cryptocurrencies.